Cairo – Mubasher: United Arab Stevedoring on Sunday denied the establishment of an EGP 700 million ($39.12 million) container terminal.
The company has only proposed the investment of EGP 329 million in the ships and containers project through the financial leasing system, it explained in a statement to the Egyptian Exchange (EGX), adding that it expects to generate an estimated profit of EGP 82 million from this project.
An existing memorandum of understanding (MoU) is being renewed with the German partner regarding the equipment to be used in the project, the stevedoring company added.
It is worth noting that United Arab Stevedoring incurred a net loss of EGP 8.3 million during the three-month period ended September 2018, almost unchanged from EGP 8.23 million losses in the year-ago period.
